employer matching – Benefits Canada.com

Dollar cap matching could more equitably distribute 401(k) contributions, reduce plan sponsor costs: report

bwolfe — Tue, 11 Jun 2024 13:00:00 +0000

Dollar cap match formulas could distribute employer contributions to 401(k)s more equitably than other common match formulas, according to a new report by Vanguard Inc. The report analyzed more than 1,300 large employer-sponsored plans that are record-kept by Vanguard between 2013 and 2022. It found among two-thirds of plans, employer contributions exacerbate pay inequity and […]

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Martin Brower, Unifor agreement includes pension, benefits gains

Sadie Janes — Fri, 10 May 2024 19:00:04 +0000

Warehouse workers and transportation drivers employed by Martin Brower in Ontario have ratified a three-year collective agreement that includes pension and benefits gains. The workers, who are members of Unifor Local 1285, reached an agreement that will see pension contributions increase by $100, up to $700 over the life of the agreement, and the employer […]

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74% of U.S. DC pension plan sponsors to conduct plan fee review in 2024: survey

bmcgovern — Wed, 08 May 2024 19:00:28 +0000

Three-quarters (74 per cent) of U.S. defined contribution pension plan sponsors say they’ll review plan fees throughout 2024, according to a new survey by investment consulting firm Callan. The survey, which polled more than 130 DC plan sponsors, found that half of respondents said they’re likely to move to lower-cost investment vehicles in 2024, up […]

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Employer matching key to supporting young workers’ retirement readiness: report

bwolfe — Thu, 11 Apr 2024 13:00:24 +0000

Employer-sponsored retirement plans that offer matching contributions can help younger workers retire earlier and with more money, according to a new report by Mercer Canada. The report based its findings on a sample worker aged 30 earning $70,000 and with $30,000 of personal debt, using five per cent of their income to either pay down […]

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Editorial: Saying goodbye to another challenging year

Jennifer Paterson — Fri, 15 Dec 2023 14:00:54 +0000

Since this month’s editorial is my farewell (for just five months) as I prepare for the birth of my second child at the end of 2023, sitting down to write it prompted me to look back at my editorial three years ago when I was getting ready to become a parent for the first time. […]

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2023 CAP Suppliers Report: How are CAPs evolving to meet the financial needs of different generations?

bwolfe — Fri, 15 Dec 2023 13:57:38 +0000

With more than 40,000 employees across the country, Amazon Canada is a microcosm of the wider national workforce. Comprising five generations, the online retailer’s workers represent a wide spectrum of savings goals and related challenges. And to support these goals, it has developed a diverse array of options to meet staff at every stage of […]

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Magna, Unifor agreement includes multiple benefits gains

Sadie Janes — Fri, 08 Dec 2023 14:00:27 +0000

After a five-day strike, the union representing 800 employees at Magna International Inc.’s Integram Seating factory in Windsor, Ont. has ratified a collective agreement that includes multiple benefits gains. The benefits gains include: vision coverage, from $250 every two years to $400; a rise in the basic annual dental maximum, from $1,600 to $1,900; an […]

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How employers can shift younger workers’ ‘soft saving’ mentality to focus on retirement planning

lbailey — Wed, 06 Dec 2023 14:00:12 +0000

Discouraged with the state of the current economy, more and more younger workers are abandoning saving for retirement and focusing on ‘soft saving.’ Soft saving is when employees, many of whom started their careers later than previous generations, decide to take a more laid-back approach to saving for the future, rather than adopt the FIRE concept — […]

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65% of U.S. employees cite flexible work as top compensation component: survey

bwolfe — Mon, 20 Nov 2023 20:00:44 +0000

Two-thirds (65 per cent) of U.S. employees rank flexible work options as the No. 1 component of compensation beyond salary, down from 71 per cent in 2022, according to a new report by the Conference Board Inc. The survey, which polled more than 1,500 workers, found employees in hybrid (68 per cent) and fully remote […]

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ACPM reiterating support for automatic features in Ontario retirement savings plans

Jennifer Paterson — Fri, 17 Nov 2023 14:00:56 +0000

The Association of Canadian Pension Management is reiterating its support for fully enabling automatic features in retirement savings plans, including defined contribution pensions, group registered retirement savings plans and group tax-free savings accounts. In a letter to the Ontario government, the association said the province’s employers want to implement automatic features that reduce red tape […]

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